Re: House Purchase Queries.....
 

I had a quick look and could not find anything. I will check with the Solicitor tomorrow.

Re: House Purchase Queries.....
 

Our property tax is paid 6 monthly and as you are just down the road I assume that yours will be the same.

When we completed in June our seller had paid up to the end of September so we had to reimburse June to end September as part of our closing costs.

We have just received our bill for the next 6 months and it is due to be paid by the end of September.

Re: House Purchase Queries.....
 

He was acting as our Buyers Agent - we have a signed contract with him.

He did mess up on something else for us and I could hear him sweating down the phone tonight when I chased him up on it! He won't be pleased to hear from my OH tomorrow!

Re: House Purchase Queries.....
 

That is what I had assumed so was surprised to see it sitting on the final account! We have to reimburse the Seller until the end of September, which is fine - but I was shocked to see I had to pay the bill for the next 6 months in full. I just don't have that money NOW - I can pay it by the end of Sept but not by Friday!

Re: House Purchase Queries.....
 

I can't see why you would have to pay a bill that isn't due. Maybe your solicitor just thinks that it is convenient for you. I would definitely call him to check.

Re: House Purchase Queries.....
 

I most definately will! I tell you what, I cannot wait until this is all closed and sorted out! Its making my head spin!

Re: House Purchase Queries.....
 

Property tax can be paid in full each year, bi annually , quarterly or even monthly, just contact HRM and they will set up a payment plan. We pay monthly by direct debit, and we just have to send a statement to our mortgage company each year to show it is up to date. HRM don't really sweat late payments etc either. We missed a few in error and they just added it onto the following years total, as long as you talk to them they are happy.

Re: House Purchase Queries.....
 

I have spoken with my Solicitor this morning and he tells me the reason for the Property Tax payment is that mortgage companies usually ask that all outstanding bills on the property are paid at closing - and HRM sent out the new property tax bills on 21st August...grrr....!

Luckly for us our mortgage company doesnt specify Property Tax so we can write that one off the list of things to pay at closing.

As for the Title Insurance - our mortgage company asks that you take that out EVEN if you have the Location Certificate!

Thanks for everyones help last night :)

Re: House Purchase Queries.....
 

we pay our's monthly, it is included in our mortgage payment so gets deducted by the bank and paid directly to the council. It seems to be a common thing around this part of NS. All we had to do was ask the bank to do it when we set up the mortgage.

Re: House Purchase Queries.....
 

Honestly am so stressed out today. Will be glad when it is all sorted. It's 12.12pm and I am still in my PJ's - have spent all morning on the phone trying to sort all this out :(

Re: House Purchase Queries.....
 

We don't have a mortgage but we have our taxes set up as a direct debit, paid to the city on a monthly basis.

Re: House Purchase Queries.....
 

There are two types of Title Insurance available and include policies for property owners and lenders. Title Insurance for owners protects the owner against loss to the owner of the property while policies for lenders ensure that the mortgage is valid and enforceable against the property. When purchased, the policy stays in effect for as long as the owner retains an interest in the property and is generally transferable in case of the owner’s death. Title Insurance is available for both residential and commercial properties.

Taken from Chicago Title Canada, risks insured against include the following:

The un-marketability of the Land.
Lack of a right of access.
Someone else has an interest in the title.
A document is not properly signed, sealed or delivered.
Forgery, Fraud, duress, incompetence or impersonation.
Future frauds and forgeries affecting title.
Defective registration of a document.
Restrictive covenants limiting the use of the Land.
Liens arising from mortgages, taxes, utilities, judgments’ or condominium charges.
Builders’ Liens.
Rights of possession arising from leases, options, family law or homestead rights.
Easements over the Land.
Enforced removal of existing structures because they encroach onto adjoining land or easements, or because they violate municipal by-laws.
The house cannot be used as a single family residence because it violates a restriction or zoning by-law.

A big benefit of Title Insurance is the fact that in most cases, it eliminates the requirement for a survey certificate and is generally more cost effective than having a survey completed. The policy is purchased prior to closing on the property or mortgage transaction and is typically ordered by the Lawyer or Notary prior to the purchase or registration of the mortgage.

Credit to:- Bruce Schoenne, RI, AACI, P.App.

Re: House Purchase Queries.....
 

The reason Mortage companies insist that the Housing tax is paid or paid as part of the mortgage payment is for their benfit if you go into foreclosure.

When a bankruptcy or foreclosure starts the goverment have first dibs on your money (or lack of money). Housing tax is classed as a goverment tax. So that will get paid first before the mortgage company or bank.